Bitcoin is Near All-Time Highs and the Mainstream Doesn’t Care…Yet


This post is curated by Keith Teare. It was written by Niccolo Conte. The original is [linked here]

Bitcoin Google Trends Mainstream

Bitcoin Near All-Time Highs vs. Search Interest

Just about every financial asset saw a huge drop in March, but few have had the spectacular recovery that bitcoin has had since then.

Up more than 300% from the March lows, bitcoin is within $1,000 of its all-time high ($19,891) established three years ago. While 2017’s run-up saw a huge surge in Google searches, interest this time around is less than a quarter of what it was back then.

This graphic overlays bitcoin’s price changes against Google search interest for “bitcoin” between 2017-Nov 2020, showing the muted relative search interest for its recent rally. Despite Google search interest being low, it is turning upwards, potentially hinting at a rise to cap off 2020.

Nobody’s Searching? Maybe Bitcoin is Already Mainstream

Bitcoin’s mainstream attention in 2017 was exceptional, and was likely the first time many people had even heard about the digital asset.

After doing all of their Google research back then, it’s possible that the general population is now well aware of the cryptocurrency and doesn’t need to search up the basics again. Add to this that bitcoin is now easily purchasable through popular services like Robinhood and Paypal, and you have fewer people who need Google to figure out the intricacies of bitcoin wallets and transactions.

While people might not be searching for information on bitcoin, the media has certainly picked up on its movement over the past year. Mainstream coverage regarding the cryptocurrency is currently at a relative all-time high for the past 12 months.

Mainstream Media Mentions of Bitcoin

Even if current mainstream coverage isn’t far from previous peaks, it’s still likely that people are seeing an increase in bitcoin content in their news feeds following the recent surge.

This rally is also attracting increased talk on social media sites like Twitter. That said, while there has been a rise in the volume of bitcoin-related tweets in November 2020, numbers are still quite low compared to the amount of tweets in 2017.

Tweets mentioning Bitcoin

Daily tweet volume reached above 60,000 recently, but is still far from the +100,000 daily tweets that were being sent at the top of 2017’s bull run.

Where in the World is Google Search Interest for Bitcoin?

Even if worldwide search interest isn’t as high as it was in 2017, there is one country where bitcoin is being googled more now: Nigeria.

Since 2015, the Nigerian Naira has lost more than 50% of its value against the U.S. dollar. This, coupled with the country’s high share of unbanked citizens means that alternative currencies and payment methods have steadily risen in popularity and utility.

Nigeria Bitcoin Google Search Trends

FinTech startups like Chipper Cash are providing Nigeria and other African nations with no-fee P2P payment services, along with the ability to trade bitcoin. The service is also beta testing the buying and selling of fractional shares of popular U.S. stocks.

Started up in 2018, Chipper Cash’s monthly payment values are now over $100 million, and the company has attracted investment from top VC funds like Bezos Expeditions as they provide a valuable service in an emerging market.

If Bitcoin is Mainstream, Where Does It Go From Here?

While bitcoin is proving itself to be a useful medium of exchange around the world, it’s still primarily a speculative asset. As 2020 saw massive increases in money supply across the board, bitcoin reacted best compared to other speculative assets, with its ascent to $19,000 almost completely uninterrupted since the $10,000 price area.

Time will tell if 2017 is set to repeat itself, or if bitcoin is getting ready to set new all-time highs going into 2021.

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Bitcoin is Near All-Time Highs and the Mainstream Doesn’t Care…Yet


This post is by Niccolo Conte from Visual Capitalist

Bitcoin Google Trends Mainstream

Bitcoin Near All-Time Highs vs. Search Interest

Just about every financial asset saw a huge drop in March, but few have had the spectacular recovery that bitcoin has had since then.

Up more than 300% from the March lows, bitcoin is within $1,000 of its all-time high ($19,891) established three years ago. While 2017’s run-up saw a huge surge in Google searches, interest this time around is less than a quarter of what it was back then.

This graphic overlays bitcoin’s price changes against Google search interest for “bitcoin” between 2017-Nov 2020, showing the muted relative search interest for its recent rally. Despite Google search interest being low, it is turning upwards, potentially hinting at a rise to cap off 2020.

Nobody’s Searching? Maybe Bitcoin is Already Mainstream

Bitcoin’s mainstream attention in 2017 was exceptional, and was likely the first time many people had even heard about the digital asset.

After doing all of their Google research back then, it’s possible that the general population is now well aware of the cryptocurrency and doesn’t need to search up the basics again. Add to this that bitcoin is now easily purchasable through popular services like Robinhood and Paypal, and you have fewer people who need Google to figure out the intricacies of bitcoin wallets and transactions.

While people might not be searching for information on bitcoin, the media has certainly picked up on its movement over the past year. Mainstream coverage regarding the cryptocurrency is currently at a relative all-time high for the past 12 months.

Mainstream Media Mentions of Bitcoin

Even if current mainstream coverage isn’t far from previous peaks, it’s still likely that people are seeing an increase in bitcoin content in their news feeds following the recent surge.

This rally is also attracting increased talk on social media sites like Twitter. That said, while there has been a rise in the volume of bitcoin-related tweets in November 2020, numbers are still quite low compared to the amount of tweets in 2017.

Tweets mentioning Bitcoin

Daily tweet volume reached above 60,000 recently, but is still far from the +100,000 daily tweets that were being sent at the top of 2017’s bull run.

Where in the World is Google Search Interest for Bitcoin?

Even if worldwide search interest isn’t as high as it was in 2017, there is one country where bitcoin is being googled more now: Nigeria.

Since 2015, the Nigerian Naira has lost more than 50% of its value against the U.S. dollar. This, coupled with the country’s high share of unbanked citizens means that alternative currencies and payment methods have steadily risen in popularity and utility.

Nigeria Bitcoin Google Search Trends

FinTech startups like Chipper Cash are providing Nigeria and other African nations with no-fee P2P payment services, along with the ability to trade bitcoin. The service is also beta testing the buying and selling of fractional shares of popular U.S. stocks.

Started up in 2018, Chipper Cash’s monthly payment values are now over $100 million, and the company has attracted investment from top VC funds like Bezos Expeditions as they provide a valuable service in an emerging market.

If Bitcoin is Mainstream, Where Does It Go From Here?

While bitcoin is proving itself to be a useful medium of exchange around the world, it’s still primarily a speculative asset. As 2020 saw massive increases in money supply across the board, bitcoin reacted best compared to other speculative assets, with its ascent to $19,000 almost completely uninterrupted since the $10,000 price area.

Time will tell if 2017 is set to repeat itself, or if bitcoin is getting ready to set new all-time highs going into 2021.

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The post Bitcoin is Near All-Time Highs and the Mainstream Doesn’t Care…Yet appeared first on Visual Capitalist.

Bitcoin is Near All-Time Highs and the Mainstream Doesn’t Care…Yet


This post is by Niccolo Conte from Visual Capitalist

Bitcoin Google Trends Mainstream

Bitcoin Near All-Time Highs vs. Search Interest

Just about every financial asset saw a huge drop in March, but few have had the spectacular recovery that bitcoin has had since then.

Up more than 300% from the March lows, bitcoin is within $1,000 of its all-time high ($19,891) established three years ago. While 2017’s run-up saw a huge surge in Google searches, interest this time around is less than a quarter of what it was back then.

This graphic overlays bitcoin’s price changes against Google search interest for “bitcoin” between 2017-Nov 2020, showing the muted relative search interest for its recent rally. Despite Google search interest being low, it is turning upwards, potentially hinting at a rise to cap off 2020.

Nobody’s Searching? Maybe Bitcoin is Already Mainstream

Bitcoin’s mainstream attention in 2017 was exceptional, and was likely the first time many people had even heard about the digital asset.

After doing all of their Google research back then, it’s possible that the general population is now well aware of the cryptocurrency and doesn’t need to search up the basics again. Add to this that bitcoin is now easily purchasable through popular services like Robinhood and Paypal, and you have fewer people who need Google to figure out the intricacies of bitcoin wallets and transactions.

While people might not be searching for information on bitcoin, the media has certainly picked up on its movement over the past year. Mainstream coverage regarding the cryptocurrency is currently at a relative all-time high for the past 12 months.

Mainstream Media Mentions of Bitcoin

Even if current mainstream coverage isn’t far from previous peaks, it’s still likely that people are seeing an increase in bitcoin content in their news feeds following the recent surge.

This rally is also attracting increased talk on social media sites like Twitter. That said, while there has been a rise in the volume of bitcoin-related tweets in November 2020, numbers are still quite low compared to the amount of tweets in 2017.

Tweets mentioning Bitcoin

Daily tweet volume reached above 60,000 recently, but is still far from the +100,000 daily tweets that were being sent at the top of 2017’s bull run.

Where in the World is Google Search Interest for Bitcoin?

Even if worldwide search interest isn’t as high as it was in 2017, there is one country where bitcoin is being googled more now: Nigeria.

Since 2015, the Nigerian Naira has lost more than 50% of its value against the U.S. dollar. This, coupled with the country’s high share of unbanked citizens means that alternative currencies and payment methods have steadily risen in popularity and utility.

Nigeria Bitcoin Google Search Trends

FinTech startups like Chipper Cash are providing Nigeria and other African nations with no-fee P2P payment services, along with the ability to trade bitcoin. The service is also beta testing the buying and selling of fractional shares of popular U.S. stocks.

Started up in 2018, Chipper Cash’s monthly payment values are now over $100 million, and the company has attracted investment from top VC funds like Bezos Expeditions as they provide a valuable service in an emerging market.

If Bitcoin is Mainstream, Where Does It Go From Here?

While bitcoin is proving itself to be a useful medium of exchange around the world, it’s still primarily a speculative asset. As 2020 saw massive increases in money supply across the board, bitcoin reacted best compared to other speculative assets, with its ascent to $19,000 almost completely uninterrupted since the $10,000 price area.

Time will tell if 2017 is set to repeat itself, or if bitcoin is getting ready to set new all-time highs going into 2021.

Subscribe to Visual Capitalist


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The post Bitcoin is Near All-Time Highs and the Mainstream Doesn’t Care…Yet appeared first on Visual Capitalist.

Bitcoin is Near All-Time Highs and the Mainstream Doesn’t Care…Yet


This post is by Niccolo Conte from Visual Capitalist

Bitcoin Google Trends Mainstream

Bitcoin Near All-Time Highs vs. Search Interest

Just about every financial asset saw a huge drop in March, but few have had the spectacular recovery that bitcoin has had since then.

Up more than 300% from the March lows, bitcoin is within $1,000 of its all-time high ($19,891) established three years ago. While 2017’s run-up saw a huge surge in Google searches, interest this time around is less than a quarter of what it was back then.

This graphic overlays bitcoin’s price changes against Google search interest for “bitcoin” between 2017-Nov 2020, showing the muted relative search interest for its recent rally. Despite Google search interest being low, it is turning upwards, potentially hinting at a rise to cap off 2020.

Nobody’s Searching? Maybe Bitcoin is Already Mainstream

Bitcoin’s mainstream attention in 2017 was exceptional, and was likely the first time many people had even heard about the digital asset.

After doing all of their Google research back then, it’s possible that the general population is now well aware of the cryptocurrency and doesn’t need to search up the basics again. Add to this that bitcoin is now easily purchasable through popular services like Robinhood and Paypal, and you have fewer people who need Google to figure out the intricacies of bitcoin wallets and transactions.

While people might not be searching for information on bitcoin, the media has certainly picked up on its movement over the past year. Mainstream coverage regarding the cryptocurrency is currently at a relative all-time high for the past 12 months.

Mainstream Media Mentions of Bitcoin

Even if current mainstream coverage isn’t far from previous peaks, it’s still likely that people are seeing an increase in bitcoin content in their news feeds following the recent surge.

This rally is also attracting increased talk on social media sites like Twitter. That said, while there has been a rise in the volume of bitcoin-related tweets in November 2020, numbers are still quite low compared to the amount of tweets in 2017.

Tweets mentioning Bitcoin

Daily tweet volume reached above 60,000 recently, but is still far from the +100,000 daily tweets that were being sent at the top of 2017’s bull run.

Where in the World is Google Search Interest for Bitcoin?

Even if worldwide search interest isn’t as high as it was in 2017, there is one country where bitcoin is being googled more now: Nigeria.

Since 2015, the Nigerian Naira has lost more than 50% of its value against the U.S. dollar. This, coupled with the country’s high share of unbanked citizens means that alternative currencies and payment methods have steadily risen in popularity and utility.

Nigeria Bitcoin Google Search Trends

FinTech startups like Chipper Cash are providing Nigeria and other African nations with no-fee P2P payment services, along with the ability to trade bitcoin. The service is also beta testing the buying and selling of fractional shares of popular U.S. stocks.

Started up in 2018, Chipper Cash’s monthly payment values are now over $100 million, and the company has attracted investment from top VC funds like Bezos Expeditions as they provide a valuable service in an emerging market.

If Bitcoin is Mainstream, Where Does It Go From Here?

While bitcoin is proving itself to be a useful medium of exchange around the world, it’s still primarily a speculative asset. As 2020 saw massive increases in money supply across the board, bitcoin reacted best compared to other speculative assets, with its ascent to $19,000 almost completely uninterrupted since the $10,000 price area.

Time will tell if 2017 is set to repeat itself, or if bitcoin is getting ready to set new all-time highs going into 2021.

Subscribe to Visual Capitalist


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Please provide a valid email address.
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The post Bitcoin is Near All-Time Highs and the Mainstream Doesn’t Care…Yet appeared first on Visual Capitalist.

Jay Clayton Calls Bitcoin a Store of Value Beyond Regulatory Reach of SEC


This post is curated by Keith Teare. It was written by Daily Hodl Staff. The original is [linked here]

The head of the US Securities and Exchange Commission, Jay Clayton, is giving Bitcoin a final boost as he prepares to leave the agency.

In an exit interview with CNBC’s Squawk Box, the SEC chief confirms that the SEC does not view Bitcoin as a security and says he personally perceives the top cryptocurrency as a store of value option.

“We did not regulate Bitcoin as a security… We determined that Bitcoin was not a security. It was much more a payment mechanism and stored value.”

Clayton adds that the government does regulate payments, suggesting Bitcoin will be regulated as such especially as the king coin attracts more users who are tired of the inefficiencies embedded in traditional payment mechanisms.

“The government does regulate payments. And what we are seeing is that our current payment mechanisms domestically and internationally have inefficiencies. Those inefficiencies are the things that are driving the rise of Bitcoin and these types of digital assets.”

Jay Clayton has served as SEC chief since 2017 and will be stepping down at the end of the year. Under his administration, the SEC has filed 56 crypto-related actions.

Under Clayton’s tenure, the SEC has also continually halted attempts to introduce a Bitcoin ETF.

Clayton is leaving as the crypto-friendly Hester Peirce stays on with the SEC for another term.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

The post Jay Clayton Calls Bitcoin a Store of Value Beyond Regulatory Reach of SEC appeared first on The Daily Hodl.

Cryptocurrency wallet BRD reaches 6 million users, driven by growth in Latin America and India


This post is by Catherine Shu from Fundings & Exits – TechCrunch

Mobile cryptocurrency wallet BRD announced today that it now has more than six million users worldwide, thanks to strong growth in India and Latin America. With this momentum, the company expects to reach 10 million users by early 2021.

Founded in 2015, Zurich-based BRD also said it now adds about one million new users every two months, after initially taking more than four years to hit the one million user mark. It reached 550,000 monthly active users at the beginning of July. Co-founder and chief executive officer Adam Traidman attributes the increased interest in cryptocurrency, especially among first-time users, to the COVID-19 pandemic.

“It’s causing a lot of people who are staying at home and sheltering in place to reconsider a lot of fundamental questions about their life and family right now,” he told TechCrunch. “It’s causing a lot of thinking about money and finances. People have had a lot more time over the last six months to look at their investments and as a result of that, we found that for cryptocurrency in general, but especially for BRD’s business, we’ve been growing dramatically.”

An image of mobile cryptocurrency wallet BRD's user interface

An image of mobile cryptocurrency wallet BRD’s user interface

He added that BRD, which has raised $55 million in funding from investors like SBI Crypto Investment and East Ventures, has two main groups of users. The first are millennials who have discretionary income that they invest using apps like Robinhood instead of traditional brokerages. The second group are people who have been more financially impacted by the pandemic and are turning to Bitcoin and other cryptocurrencies to cope with currency fluctuations in their countries or as a more cost-effective alternative to international wire transfers to send money to family members. Falling bank interest rates have also prompted many people to consider alternative places to put their money.

While Bitcoin and Ethereum are still the most popular purchases through BRD, in countries with volatile currency fluctuations, like Venezuela, Argentina and India, interest in stablecoins, which are pegged to the U.S. dollar, is growing. The company is also seeing more adoption in Eastern European countries.

BRD is a non-custodial wallet and cryptocurrencies are stored on users’ devices, which makes it more accessible to users in countries who need to undergo lengthy registration processes to use custodial wallets. The app also allows people to use Apple Pay or their bank cards to buy cryptocurrency. This ease of use is one of the reasons for its growth, Traidman said.

The company’s most recent funding announcement was a $15 million Series B announced in January 2019 for expansion in Asian markets. BRD also offers enterprise blockchain tools called Blockset and says it is currently used to store the equivalent of about $6 billion in cryptocurrencies.

Billion-Dollar Investment Giant Bringing Bitcoin to the Masses, Launching Crypto Ad Campaign on CNBC, MSNBC and FOX


This post is curated by Keith Teare. It was written by Daily Hodl Staff. The original is [linked here]

Billion-dollar investment giant Grayscale is launching a national crypto advertising campaign to bring Bitcoin and other digital assets to the masses.

The digital asset management firm paid for ads that will kick off next week on CNBC, MSNBC, FOX, and FOX Business, according to Barry Silbert, the founder and CEO of Digital Currency Group – Grayscale’s parent company.

The new ads won’t be Grayscale’s first advertisements. Last year, the investment giant launched a “#DropGold” ad campaign designed to convince consumers to abandon the precious metal and invest in BTC.

The new ad campaign comes after Grayscale raised more than $900 million in new investment inflows in the second quarter of 2020 alone. That’s up from $500 million in Q1 2020.

Michael Sonnenshein, Grayscale’s managing director, recently spoke with Laura Shin on the Unconfirmed podcast about the factors behind the asset manager’s recent success.

“I think that the macro environment is causing a lot of investors to focus on crypto in a way that they perhaps hadn’t before. I think one of the most topical things that investors are talking to us about is unlimited quantitative easing, and as they look at how much the Fed and other governmental bodies are printing, they’re really starting to drill into the verifiable scarcity of assets like Bitcoin.

And when you think about that very important attribute that Bitcoin has, and then you combine it with Bitcoin’s uncorrelated nature – and it’s not just Bitcoin, it’s other digital currencies as well – investors are really starting to appreciate that there is a new and uncorrelated return stream that they can maybe get from having exposure to digital currencies, and now is really the time we’re seeing a lot of investors dig in on the space.”

Grayscale has 10 different digital asset investment products in total, and Sonnenshein notes they’ve seen a “marked uptake” in interest in their products across the board. In the second quarter, they noticed particular interest in the Grayscale Ethereum Trust.

“I believe now of our returning institutional investors, we now see over 80% of them having now invested in more than one Grayscale product, meaning they now each have exposure to more than one digital currency.” 

The managing director also notes that Grayscale Bitcoin Cash and Litecoin Trusts have satisfied the regulatory obligations to become publicly traded.

“Both of those products were recently assigned ticker symbols and are now just awaiting their DTC eligibility before they’ll begin trading, and I’m also happy to share that Grayscale’s not going to stop at the 10 products we have today. We’re working on and always maintaining a list of other products that we’d like to bring to market.”

Sonnenshein says Grayscale expanded its investor base by 24% or 25% in Q2.

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post Billion-Dollar Investment Giant Bringing Bitcoin to the Masses, Launching Crypto Ad Campaign on CNBC, MSNBC and FOX appeared first on The Daily Hodl.

Billion-Dollar Investment Giant Bringing Bitcoin to the Masses, Launching Crypto Ad Campaign on CNBC, MSNBC and FOX


This post is curated by Keith Teare. It was written by Daily Hodl Staff. The original is [linked here]

Billion-dollar investment giant Grayscale is launching a national crypto advertising campaign to bring Bitcoin and other digital assets to the masses.

The digital asset management firm paid for ads that will kick off next week on CNBC, MSNBC, FOX, and FOX Business, according to Barry Silbert, the founder and CEO of Digital Currency Group – Grayscale’s parent company.

The new ads won’t be Grayscale’s first advertisements. Last year, the investment giant launched a “#DropGold” ad campaign designed to convince consumers to abandon the precious metal and invest in BTC.

The new ad campaign comes after Grayscale raised more than $900 million in new investment inflows in the second quarter of 2020 alone. That’s up from $500 million in Q1 2020.

Michael Sonnenshein, Grayscale’s managing director, recently spoke with Laura Shin on the Unconfirmed podcast about the factors behind the asset manager’s recent success.

“I think that the macro environment is causing a lot of investors to focus on crypto in a way that they perhaps hadn’t before. I think one of the most topical things that investors are talking to us about is unlimited quantitative easing, and as they look at how much the Fed and other governmental bodies are printing, they’re really starting to drill into the verifiable scarcity of assets like Bitcoin.

And when you think about that very important attribute that Bitcoin has, and then you combine it with Bitcoin’s uncorrelated nature – and it’s not just Bitcoin, it’s other digital currencies as well – investors are really starting to appreciate that there is a new and uncorrelated return stream that they can maybe get from having exposure to digital currencies, and now is really the time we’re seeing a lot of investors dig in on the space.”

Grayscale has 10 different digital asset investment products in total, and Sonnenshein notes they’ve seen a “marked uptake” in interest in their products across the board. In the second quarter, they noticed particular interest in the Grayscale Ethereum Trust.

“I believe now of our returning institutional investors, we now see over 80% of them having now invested in more than one Grayscale product, meaning they now each have exposure to more than one digital currency.” 

The managing director also notes that Grayscale Bitcoin Cash and Litecoin Trusts have satisfied the regulatory obligations to become publicly traded.

“Both of those products were recently assigned ticker symbols and are now just awaiting their DTC eligibility before they’ll begin trading, and I’m also happy to share that Grayscale’s not going to stop at the 10 products we have today. We’re working on and always maintaining a list of other products that we’d like to bring to market.”

Sonnenshein says Grayscale expanded its investor base by 24% or 25% in Q2.

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post Billion-Dollar Investment Giant Bringing Bitcoin to the Masses, Launching Crypto Ad Campaign on CNBC, MSNBC and FOX appeared first on The Daily Hodl.

Billion-Dollar Investment Giant Bringing Bitcoin to the Masses, Launching Crypto Ad Campaign on CNBC, MSNBC and FOX


This post is curated by Keith Teare. It was written by Daily Hodl Staff. The original is [linked here]

Billion-dollar investment giant Grayscale is launching a national crypto advertising campaign to bring Bitcoin and other digital assets to the masses.

The digital asset management firm paid for ads that will kick off next week on CNBC, MSNBC, FOX, and FOX Business, according to Barry Silbert, the founder and CEO of Digital Currency Group – Grayscale’s parent company.

The new ads won’t be Grayscale’s first advertisements. Last year, the investment giant launched a “#DropGold” ad campaign designed to convince consumers to abandon the precious metal and invest in BTC.

The new ad campaign comes after Grayscale raised more than $900 million in new investment inflows in the second quarter of 2020 alone. That’s up from $500 million in Q1 2020.

Michael Sonnenshein, Grayscale’s managing director, recently spoke with Laura Shin on the Unconfirmed podcast about the factors behind the asset manager’s recent success.

“I think that the macro environment is causing a lot of investors to focus on crypto in a way that they perhaps hadn’t before. I think one of the most topical things that investors are talking to us about is unlimited quantitative easing, and as they look at how much the Fed and other governmental bodies are printing, they’re really starting to drill into the verifiable scarcity of assets like Bitcoin.

And when you think about that very important attribute that Bitcoin has, and then you combine it with Bitcoin’s uncorrelated nature – and it’s not just Bitcoin, it’s other digital currencies as well – investors are really starting to appreciate that there is a new and uncorrelated return stream that they can maybe get from having exposure to digital currencies, and now is really the time we’re seeing a lot of investors dig in on the space.”

Grayscale has 10 different digital asset investment products in total, and Sonnenshein notes they’ve seen a “marked uptake” in interest in their products across the board. In the second quarter, they noticed particular interest in the Grayscale Ethereum Trust.

“I believe now of our returning institutional investors, we now see over 80% of them having now invested in more than one Grayscale product, meaning they now each have exposure to more than one digital currency.” 

The managing director also notes that Grayscale Bitcoin Cash and Litecoin Trusts have satisfied the regulatory obligations to become publicly traded.

“Both of those products were recently assigned ticker symbols and are now just awaiting their DTC eligibility before they’ll begin trading, and I’m also happy to share that Grayscale’s not going to stop at the 10 products we have today. We’re working on and always maintaining a list of other products that we’d like to bring to market.”

Sonnenshein says Grayscale expanded its investor base by 24% or 25% in Q2.

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post Billion-Dollar Investment Giant Bringing Bitcoin to the Masses, Launching Crypto Ad Campaign on CNBC, MSNBC and FOX appeared first on The Daily Hodl.

More than just a Twitter hack


This post is by Om Malik from On my Om

By now, we have all heard about the takeover of the celebrity accounts and those of companies such as Apple and Uber by scammers who wanted to trick people into sending them bitcoins. There are multiple threads to this theory — Vice says that it was it might be some kind of inside job. Twitter itself says that it was a victim of social engineering. FBI is also starting an investigation. However, it is clear; this hack isn’t a joke. It can have national and international implications, as Casey Newton points out in his article for The Verge. Twitter is a significant source of dissemination of information — from weather to earthquakes to forest fires — and any disruption can cost lives.

That is why Casey is right — and collectively, we need to think about this current episode much more deeply and deliberately. Big technology platforms are now singular points of failure as much as they are single points of protection against malicious intent. Folks at companies such as Google, Amazon, and PayPal take this responsibility very seriously. And rightfully so. But so should everyone else — including newer converts to digital as a means of business. 

If, as a company, you are working on the network and are interfacing with millions of people, who must take security much more seriously. We live in a digital world, and the pandemic has made us even more dependent on digital infrastructures. The malicious elements will continue to test the boundaries, disrupt our society, and will cause real harm in the process.

The more I think about, the companies in Silicon Valley need to harden their hiring processes and do a lot more in-depth background checks on their present and future employees. I know this goes against the ethos of Silicon Valley, but as the Twitter hack has shown, we are vulnerable at the network scale.

Link: Massive Twitter hack could be global security crisis/The Verge

Cryptocurrency: Redefining the Future of Finance


This post is by Dorothy Neufeld from Visual Capitalist

Cryptocurrency: Redefining the Future of Finance

Cryptocurrency: Redefining the Future of Finance

Cryptocurrency is a thriving ecosystem, quietly encroaching on conventional finance’s territory.

Over the last five years, Bitcoin users and transactions have averaged a growth rate of nearly 60% per year. Similarly, private and public investors have deepened their commitment to cryptocurrencies including Ethereum, Ripple, and Stellar—and a number of others across the industry.

Today’s infographic unpacks a cross-section of cryptocurrencies, stakeholders, and core applications across a sector that’s continuing to grow in importance.

The Evolution of Cryptocurrency

Cryptocurrency has erupted into a $200 billion industry, sparking a wave of global disruption.

At the heart of cryptocurrency is a rich history of innovation. It extends back to the 1980s with advances in the field of cryptography—eventually leading to the technology that forms encryption techniques designed to protect the network.

Since then, a series of key events have continued to shape the sector.

Year Event
2009 Satoshi Nakamoto mines the first Bitcoin on a decentralized network
2011 Litecoin launches
2012 Ripple is founded
2013 The price of a single Bitcoin reaches $1,000
2015 Ethereum launches, introducing smart contracts into the crypto ecosystem
2017 Over 1,000 cryptocurrencies listed
2017 Bitcoin’s price rockets past $10,000, reaching a peak just shy of $20,000
2018 EOS offers a blockchain-based infrastructure for decentralized apps (DApps)

Now, there are over 5,000 cryptocurrencies in circulation, with many built on innovative applications and use-cases as the ecosystem rapidly evolves.

The Value of Cryptocurrencies

Today, crypto offers cutting-edge advances that are diverse and transformative. In addition, it could also be considered an investment in tomorrow’s financial system—decentralized finance (DeFi).

DeFi is an emerging alternative financial system that is built on a public blockchain, which enables greater accessibility because anyone has the ability to connect to it. Additionally, transactions are publicly visible, enabling greater transparency across the system.

Here is a refresher on some of the practical advantages being applied across cryptocurrencies.

Use Cases Name Description
Payments Bitcoin
Ripple
Stellar
Used for purchasing goods without the need of a trusted third-party
Value Storage Bitcoin
Litecoin
As the total supply of many cryptocurrencies are limited, this scarcity influences their value
Stablecoins DAI
USDC
GeminiUSD
Digital money that is typically pegged to a currency or commodity, such as gold
Privacy Monero
Zcash
Dash
Cryptography, the technology behind crypto, can enable the anonymity of its owners
Digital Ownership Bitcoin
Ripple
Stellar
Can empower those without access to a bank to enter the financial system
Digital Gold Bitcoin Bitcoin shares similar attributes to money: a medium of exchange, unit of account, and store of value
Decentralized Apps (DApps) EOS
Tezos
Ethereum
Enable individuals to create apps without a central authority, directly connecting the user and creator

The Key Players in the Crypto Landscape

The cryptocurrency ecosystem is growing rapidly. Worldwide, private and public actors recognize its potential across many domains.

Who are the primary participants in the field today?

Private Actors

  1. Institutional Investors
    Harvard Endowment Fund, Crypto Hedge Funds
  2. Cryptocurrency Exchanges
    Coinbase, Bitstamp
  3. Banks & Finance
    J.P. Morgan, Fidelity Investments, Swissquote
  4. Tech
    IBM, Microsoft
  5. Power & Utilities
    RWE

Public Actors

  1. Governments
    Venezuela
  2. Central Banks
    China, Sweden, Saudi Arabia
  3. Organizations
    Crypto Valley Association, Global Digital Finance

The rising popularity of crypto is bolstering new policies and adoption, as evidenced by the many players trying to break into the space.

The Big Picture:

As crypto continues to gain momentum, its longer-term implications will come into focus. Crucially, its cryptographic foundation sets the stage for future advances in finance.

  1. Privacy
    Anonymized transactions protect users data through cryptographic techniques
  2. Access
    Providing a new financial model for 1.7B unbanked individuals around the world
  3. Efficiency
    Steep reductions in settlement time and efficacy could save consumers $16 billion annually
  4. Security
    Providing immutable, traceable records of security-rich transactional networks
  5. Programmable Money
    Smart contracts could drastically eliminate manual and administrative work⁠— ultimately bypassing them altogether

Rooted in decentralized and autonomous systems, cryptocurrencies are creating second-order effects in the financial world. Ultimately, cryptocurrencies are helping to transform finance as we know it—unlocking countless investment opportunities across the global economy.

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The post Cryptocurrency: Redefining the Future of Finance appeared first on Visual Capitalist.

Andreessen Horowitz Report: Crypto Not as Chaotic as It Appears


This post is curated by Keith Teare. It was written by Cointelegraph By Turner Wright. The original is [linked here]

Top venture capital firm Andreessen Horowitz looked at four key metrics for three cycles of cryptocurrency showing consistent growth.

FalconX raises $17M to power its crypto trading service


This post is by Alex Wilhelm from Fundings & Exits – TechCrunch

Over the last few weeks all eyes in the crypto world have been glued to the halvening, a nigh-religious moment in the blockchain realm. Every once in a while, the amount of new bitcoin mined — distributed to miners, the folks with fleets of computers powering bitcoin’s database, or blockchain — is cut in half. Why does that matter? It slows the rate at which new bitcoin is introduced to the world as the cryptocurrency marches toward its 21 million coin cap.

That’s to say that, while you weren’t looking, the world of digital tokens and currencies has marched along, maturing to some degree as cryptocurrencies and other blockchain-based services settle into slightly more predictable trading ranges.

The companies working in the crypto space are growing up as well, building out better, more sophisticated tooling for retail and institutional investors alike. FalconX is one such company, and today it announced that it has raised $17 million to date.

The crypto trading service — more on what it does in a moment — is backed by a legion of investors including Fidelity-affiliated Avon Ventures, corporate shop Coinbase Ventures, and a host of more traditional players including Lightspeed, Flybridge, Accel, Fenbushi, and Accomplice. Normally we’d curtail the list of investors to merely the most interesting, but in this case it felt reasonable to include them all, as the sheer number of capital shops that put up money for FalconX details that there is still niche and mainstream venture interest in at least some crypto-focused companies.

FalconX is also a company that anyone can understand, which probably helped. The company’s tech helps provide pricing information for cryptocurrencies, offering what it calls the “best” price for a period of time (seconds). That might sound somewhat simple, but it’s not; the crypto world is made of up a host of exchanges, is awash with fake trading volume and has a history of being pushed around by large accounts. To be able to offer a price, and hold onto it, is material.

The company is currently focused on institutional customers, which the company’s founders Raghu Yarlagadda and Prabhakar Reddy loosely described to TechCrunch as those with $10 million AUM (assets under management) and up. This likely makes KYC (know your customers) rules easier for the startup to follow.

FalconX makes money from trading fees, albeit in two ways. It offers either crypto prices with its fees included or on a fixed-fee model. Notably the firm says that crypto-native customers prefer the baked-in approach, while more traditional customers prefer the visible-fee method.

Either way, FalconX’s tech has found an audience. It has executed $7 billion in trading volume in the last 10 months (I asked about the seemingly odd time interval, which the firm explained as its most recent, fully-audited time period; it has seen more total volume during its life.)

That $7 billion volume result is likely why FalconX was able to attract external capital. And the fact that the startup appears to care about treating crypto seriously and not as a way to get around traditional banking regulations.

For example, after FalconX brought up anti-money laundering work during a discussing about regulation, TechCrunch asked the company how far it can look into its transactions to make sure that it isn’t accidentally helping bad folks get money. Yarlagadda responded, saying that “the future of regulation” in his space is “solving some of these problems and showing [them] to the [regulatory] agencies so that they get comfortable about the space.”

How is FalconX going about that? It uses “internal on-chain analytics” as well as third-parties to help get “context [into] which bitcoin addresses, or ethereum addresses, are associated with dark web or terrorist activities” to make sure that its trades are not winding up helping the wrong folks. This isn’t easy; the startup has to look through “six, seven hops” so that it can see if any money that goes through its service is suspect.

That seems pretty good, right? I found it impressive. Even more, after Yarlagadda joked that it’s not cheap to pay for the computing power needed to pull off that work, FalconX told TechCrunch that the expense counts as COGS. Neat!

There’s a fine line when covering anything blockchain-related between producing something that regular folks can understand, and writing something that the crypto-believing world won’t dismiss out of hand as insufficiently nuanced. Summing then, in case I swung too far towards the latter, FalconX built a pricing engine that allows big investors to make trades with more confidence. It gets paid when they trade and is processing lots of volume. That means its revenues are going up. And that’s why it raised more money.

The next question for FalconX is how fast it can scale volume. The faster it can, the more enticing it will prove to investors. And in time, if it does open up to more retail-sized traders, who knows, it could even become a household name.

At least in crypto.

Bitcoin: Resilience in Crisis


This post is by jlk from The Barefoot VC

As investors try to navigate the COVID-19 world, they’re taking a hard look at their portfolios and solving for the new normal. In the midst of highly volatile traditional financial markets, savvy investors are searching for new avenues for not only higher returns, but the best risk-adjusted ones as well.

I’ve been investing in the cryptocurrency and blockchain sectors since 2013. I’ve often faced questions from institutional investors who considered Bitcoin a passing fad and too volatile for any serious consideration. Those in countries that have previously experienced massive inflation (Zimbabwe, Venezuela, Argentina) or capital controls (China, India) have long seen relative value in an asset that is independent of government financial manipulation. In the past month however, I have fielded an increasingly number of inquiries from investors in more developed countries who want to enter the sector.

This pandemic seems to be a catalyst that has led investors to rethink their strategies and warm up to the idea of crypto and its underlying blockchain technology. To put it simply, the high volatility in equities, credit, and oil have made the relative volatility of bitcoin more palatable for the typical investor and redefine what is a risky investment during these times.

For example, crude oil prices are down nearly 19% since 2015. On the other hand, bitcoin is up over 3,000% in the past five years, and over 58% in the past year alone. Bitcoin is up 25% from January 1 through April 30, and has seen less volatility on many days than the equity markets, with the major exception of its Black Thursday on March 12, when it crashed over 50%. That day the S&P 500 was down 9.5% and the DJIA was down 10%. While the future is still uncertain, Bitcoin has been living up to its narrative as a store of value, especially in the financial environment of today. As I write this it is close to $10,000 once again.

With central banks across the globe committing to cushion the fallout from the COVID-19 pandemic, low and even negative interest rates have driven investors to look for higher returns elsewhere. This macro environment has dovetailed with an upcoming event for bitcoin – the halving.

Roughly every four years, the Bitcoin reward for miners – those who work with high-powered computers to solve complex mathematical problems in order to validate Bitcoin transactions – are halved to keep inflation in check. Currently, the reward for miners is 12.5 Bitcoin per block mined, but next week the reward will decrease to 6.25 new Bitcoin, leading to a decrease in supply. The low interest rates, high volatility of traditional financial markets, and upcoming halving event have together spurred an interest in the sector that I haven’t seen since 2017. Just like other technologies such as telemedicine and video conferencing that have been around for the past 10 years but have seen a boost given their relevance in today’s times, Bitcoin and blockchain will be part of the new normal.

The post Bitcoin: Resilience in Crisis appeared first on The Barefoot VC.

Bitcoin: Resilience in Crisis


This post is by jlk from The Barefoot VC

As investors try to navigate the COVID-19 world, they’re taking a hard look at their portfolios and solving for the new normal. In the midst of highly volatile traditional financial markets, savvy investors are searching for new avenues for not only higher returns, but the best risk-adjusted ones as well.

I’ve been investing in the cryptocurrency and blockchain sectors since 2013. I’ve often faced questions from institutional investors who considered Bitcoin a passing fad and too volatile for any serious consideration. Those in countries that have previously experienced massive inflation (Zimbabwe, Venezuela, Argentina) or capital controls (China, India) have long seen relative value in an asset that is independent of government financial manipulation. In the past month however, I have fielded an increasingly number of inquiries from investors in more developed countries who want to enter the sector.

This pandemic seems to be a catalyst that has led investors to rethink their strategies and warm up to the idea of crypto and its underlying blockchain technology. To put it simply, the high volatility in equities, credit, and oil have made the relative volatility of bitcoin more palatable for the typical investor and redefine what is a risky investment during these times.

For example, crude oil prices are down nearly 19% since 2015. On the other hand, bitcoin is up over 3,000% in the past five years, and over 58% in the past year alone. Bitcoin is up 25% from January 1 through April 30, and has seen less volatility on many days than the equity markets, with the major exception of its Black Thursday on March 12, when it crashed over 50%. That day the S&P 500 was down 9.5% and the DJIA was down 10%. While the future is still uncertain, Bitcoin has been living up to its narrative as a store of value, especially in the financial environment of today. As I write this it is close to $10,000 once again.

With central banks across the globe committing to cushion the fallout from the COVID-19 pandemic, low and even negative interest rates have driven investors to look for higher returns elsewhere. This macro environment has dovetailed with an upcoming event for bitcoin – the halving.

Roughly every four years, the Bitcoin reward for miners – those who work with high-powered computers to solve complex mathematical problems in order to validate Bitcoin transactions – are halved to keep inflation in check. Currently, the reward for miners is 12.5 Bitcoin per block mined, but next week the reward will decrease to 6.25 new Bitcoin, leading to a decrease in supply. The low interest rates, high volatility of traditional financial markets, and upcoming halving event have together spurred an interest in the sector that I haven’t seen since 2017. Just like other technologies such as telemedicine and video conferencing that have been around for the past 10 years but have seen a boost given their relevance in today’s times, Bitcoin and blockchain will be part of the new normal.

The post Bitcoin: Resilience in Crisis appeared first on The Barefoot VC.

Bitcoin: Resilience in Crisis


This post is by jlk from The Barefoot VC

As investors try to navigate the COVID-19 world, they’re taking a hard look at their portfolios and solving for the new normal. In the midst of highly volatile traditional financial markets, savvy investors are searching for new avenues for not only higher returns, but the best risk-adjusted ones as well.

I’ve been investing in the cryptocurrency and blockchain sectors since 2013. I’ve often faced questions from institutional investors who considered Bitcoin a passing fad and too volatile for any serious consideration. Those in countries that have previously experienced massive inflation (Zimbabwe, Venezuela, Argentina) or capital controls (China, India) have long seen relative value in an asset that is independent of government financial manipulation. In the past month however, I have fielded an increasingly number of inquiries from investors in more developed countries who want to enter the sector.

This pandemic seems to be a catalyst that has led investors to rethink their strategies and warm up to the idea of crypto and its underlying blockchain technology. To put it simply, the high volatility in equities, credit, and oil have made the relative volatility of bitcoin more palatable for the typical investor and redefine what is a risky investment during these times.

For example, crude oil prices are down nearly 19% since 2015. On the other hand, bitcoin is up over 3,000% in the past five years, and over 58% in the past year alone. Bitcoin is up 25% from January 1 through April 30, and has seen less volatility on many days than the equity markets, with the major exception of its Black Thursday on March 12, when it crashed over 50%. That day the S&P 500 was down 9.5% and the DJIA was down 10%. While the future is still uncertain, Bitcoin has been living up to its narrative as a store of value, especially in the financial environment of today. As I write this it is close to $10,000 once again.

With central banks across the globe committing to cushion the fallout from the COVID-19 pandemic, low and even negative interest rates have driven investors to look for higher returns elsewhere. This macro environment has dovetailed with an upcoming event for bitcoin – the halving.

Roughly every four years, the Bitcoin reward for miners – those who work with high-powered computers to solve complex mathematical problems in order to validate Bitcoin transactions – are halved to keep inflation in check. Currently, the reward for miners is 12.5 Bitcoin per block mined, but next week the reward will decrease to 6.25 new Bitcoin, leading to a decrease in supply. The low interest rates, high volatility of traditional financial markets, and upcoming halving event have together spurred an interest in the sector that I haven’t seen since 2017. Just like other technologies such as telemedicine and video conferencing that have been around for the past 10 years but have seen a boost given their relevance in today’s times, Bitcoin and blockchain will be part of the new normal.

The post Bitcoin: Resilience in Crisis appeared first on The Barefoot VC.

Bitcoin: Resilience in Crisis


This post is by jlk from The Barefoot VC

As investors try to navigate the COVID-19 world, they’re taking a hard look at their portfolios and solving for the new normal. In the midst of highly volatile traditional financial markets, savvy investors are searching for new avenues for not only higher returns, but the best risk-adjusted ones as well.

I’ve been investing in the cryptocurrency and blockchain sectors since 2013. I’ve often faced questions from institutional investors who considered Bitcoin a passing fad and too volatile for any serious consideration. Those in countries that have previously experienced massive inflation (Zimbabwe, Venezuela, Argentina) or capital controls (China, India) have long seen relative value in an asset that is independent of government financial manipulation. In the past month however, I have fielded an increasingly number of inquiries from investors in more developed countries who want to enter the sector.

This pandemic seems to be a catalyst that has led investors to rethink their strategies and warm up to the idea of crypto and its underlying blockchain technology. To put it simply, the high volatility in equities, credit, and oil have made the relative volatility of bitcoin more palatable for the typical investor and redefine what is a risky investment during these times.

For example, crude oil prices are down nearly 19% since 2015. On the other hand, bitcoin is up over 3,000% in the past five years, and over 58% in the past year alone. Bitcoin is up 25% from January 1 through April 30, and has seen less volatility on many days than the equity markets, with the major exception of its Black Thursday on March 12, when it crashed over 50%. That day the S&P 500 was down 9.5% and the DJIA was down 10%. While the future is still uncertain, Bitcoin has been living up to its narrative as a store of value, especially in the financial environment of today. As I write this it is close to $10,000 once again.

With central banks across the globe committing to cushion the fallout from the COVID-19 pandemic, low and even negative interest rates have driven investors to look for higher returns elsewhere. This macro environment has dovetailed with an upcoming event for bitcoin – the halving.

Roughly every four years, the Bitcoin reward for miners – those who work with high-powered computers to solve complex mathematical problems in order to validate Bitcoin transactions – are halved to keep inflation in check. Currently, the reward for miners is 12.5 Bitcoin per block mined, but next week the reward will decrease to 6.25 new Bitcoin, leading to a decrease in supply. The low interest rates, high volatility of traditional financial markets, and upcoming halving event have together spurred an interest in the sector that I haven’t seen since 2017. Just like other technologies such as telemedicine and video conferencing that have been around for the past 10 years but have seen a boost given their relevance in today’s times, Bitcoin and blockchain will be part of the new normal.

The post Bitcoin: Resilience in Crisis appeared first on The Barefoot VC.

Bitcoin: Resilience in Crisis


This post is by jlk from The Barefoot VC

As investors try to navigate the COVID-19 world, they’re taking a hard look at their portfolios and solving for the new normal. In the midst of highly volatile traditional financial markets, savvy investors are searching for new avenues for not only higher returns, but the best risk-adjusted ones as well.

I’ve been investing in the cryptocurrency and blockchain sectors since 2013. I’ve often faced questions from institutional investors who considered Bitcoin a passing fad and too volatile for any serious consideration. Those in countries that have previously experienced massive inflation (Zimbabwe, Venezuela, Argentina) or capital controls (China, India) have long seen relative value in an asset that is independent of government financial manipulation. In the past month however, I have fielded an increasingly number of inquiries from investors in more developed countries who want to enter the sector.

This pandemic seems to be a catalyst that has led investors to rethink their strategies and warm up to the idea of crypto and its underlying blockchain technology. To put it simply, the high volatility in equities, credit, and oil have made the relative volatility of bitcoin more palatable for the typical investor and redefine what is a risky investment during these times.

For example, crude oil prices are down nearly 19% since 2015. On the other hand, bitcoin is up over 3,000% in the past five years, and over 58% in the past year alone. Bitcoin is up 25% from January 1 through April 30, and has seen less volatility on many days than the equity markets, with the major exception of its Black Thursday on March 12, when it crashed over 50%. That day the S&P 500 was down 9.5% and the DJIA was down 10%. While the future is still uncertain, Bitcoin has been living up to its narrative as a store of value, especially in the financial environment of today. As I write this it is close to $10,000 once again.

With central banks across the globe committing to cushion the fallout from the COVID-19 pandemic, low and even negative interest rates have driven investors to look for higher returns elsewhere. This macro environment has dovetailed with an upcoming event for bitcoin – the halving.

Roughly every four years, the Bitcoin reward for miners – those who work with high-powered computers to solve complex mathematical problems in order to validate Bitcoin transactions – are halved to keep inflation in check. Currently, the reward for miners is 12.5 Bitcoin per block mined, but next week the reward will decrease to 6.25 new Bitcoin, leading to a decrease in supply. The low interest rates, high volatility of traditional financial markets, and upcoming halving event have together spurred an interest in the sector that I haven’t seen since 2017. Just like other technologies such as telemedicine and video conferencing that have been around for the past 10 years but have seen a boost given their relevance in today’s times, Bitcoin and blockchain will be part of the new normal.

The post Bitcoin: Resilience in Crisis appeared first on The Barefoot VC.

Bitcoin: Resilience in Crisis


This post is by jlk from The Barefoot VC

As investors try to navigate the COVID-19 world, they’re taking a hard look at their portfolios and solving for the new normal. In the midst of highly volatile traditional financial markets, savvy investors are searching for new avenues for not only higher returns, but the best risk-adjusted ones as well.

I’ve been investing in the cryptocurrency and blockchain sectors since 2013. I’ve often faced questions from institutional investors who considered Bitcoin a passing fad and too volatile for any serious consideration. Those in countries that have previously experienced massive inflation (Zimbabwe, Venezuela, Argentina) or capital controls (China, India) have long seen relative value in an asset that is independent of government financial manipulation. In the past month however, I have fielded an increasingly number of inquiries from investors in more developed countries who want to enter the sector.

This pandemic seems to be a catalyst that has led investors to rethink their strategies and warm up to the idea of crypto and its underlying blockchain technology. To put it simply, the high volatility in equities, credit, and oil have made the relative volatility of bitcoin more palatable for the typical investor and redefine what is a risky investment during these times.

For example, crude oil prices are down nearly 19% since 2015. On the other hand, bitcoin is up over 3,000% in the past five years, and over 58% in the past year alone. Bitcoin is up 25% from January 1 through April 30, and has seen less volatility on many days than the equity markets, with the major exception of its Black Thursday on March 12, when it crashed over 50%. That day the S&P 500 was down 9.5% and the DJIA was down 10%. While the future is still uncertain, Bitcoin has been living up to its narrative as a store of value, especially in the financial environment of today. As I write this it is close to $10,000 once again.

With central banks across the globe committing to cushion the fallout from the COVID-19 pandemic, low and even negative interest rates have driven investors to look for higher returns elsewhere. This macro environment has dovetailed with an upcoming event for bitcoin – the halving.

Roughly every four years, the Bitcoin reward for miners – those who work with high-powered computers to solve complex mathematical problems in order to validate Bitcoin transactions – are halved to keep inflation in check. Currently, the reward for miners is 12.5 Bitcoin per block mined, but next week the reward will decrease to 6.25 new Bitcoin, leading to a decrease in supply. The low interest rates, high volatility of traditional financial markets, and upcoming halving event have together spurred an interest in the sector that I haven’t seen since 2017. Just like other technologies such as telemedicine and video conferencing that have been around for the past 10 years but have seen a boost given their relevance in today’s times, Bitcoin and blockchain will be part of the new normal.

The post Bitcoin: Resilience in Crisis appeared first on The Barefoot VC.

Bitcoin Supporter Palihapitiya Doubles Down in Viral Tweet: No Bailouts, Let Hedge Funds ‘Get Wiped Out’


This post is curated by Keith Teare. It was written by Daily Hodl Staff. The original is [linked here]

With over seven million views, 45,000 likes, 16,000 retweets and counting, a viral clip on Twitter shows Chamath Palihapitiya, founder and CEO of venture capital firm Social Capital, denouncing bailouts for billionaires and hedge funds.

The former Facebook executive and Bitcoin investor, who has a net worth of roughly $1 billion and has referred to the leading cryptocurrency as ‘schmuck insurance‘, argues that the US government should support individual Americans directly by giving them larger payments instead of funneling massive emergency funds and stimulus packages to rescue the wealthy.

In a new interview on CNBC’s Fast Money Halftime Report, Palihapitiya, who is also the chairman of Virgin Galactic, says ordinary Americans are the ones being wiped out by the current economic crisis caused by the coronavirus pandemic. But it’s the wealthy CEOs and corporate board members who are on the receiving end of billions in government aid.

“On Main Street today, people are getting wiped out. Right now, rich CEOs are not, boards that have horrible governance are not. People are.”

“When you look at what it means, this is a lie that’s been purported by Wall Street. When a company fails, it does not fire their employees. It goes through a packaged bankruptcy. If anything, what happens is the people who have the pensions inside those companies, the employees of these companies, end up owning more of the company.

The people that get wiped out are the speculators that own the unsecured tranches of debt or the folks that own the equity.

And by the way, those are the rules of the game. That’s right. Because these are the people that purport to be the most sophisticated investors in the world. They deserve to get wiped out.”

Amidst the Fed’s efforts to pump a whopping $2.3 trillion into the economy via loans to embattled companies, Palihapitiya says the primary beneficiaries will include hedge funds that will not entirely feel the full ripple effect of the crisis.

“We’re talking about a hedge fund that serves a bunch of billionaire family offices. Who cares? Let them get wiped out. Who cares? They don’t get the summer in the Hamptons? Who cares?”

Palihapitiya also underscored the soaring number of unemployment claims in the US this week, adding another 6 million to reach an estimated total of nearly 17 million people who filed for benefits since the start of the pandemic-induced economic fallout. They join workers all around the world who have lost their jobs as more than 80% of the global workforce copes with adjustments due to business closures, according to the International Labor Organization.

Palihapitiya argues that it makes sense to let airlines fail since they’re underperforming. He adds,

“What we’ve done is disproportionately prop up poor performing CEOs and boards, and you have to wash these people out.”

The venture capitalist said in a previous interview with CNBC host Scott Wapner that the government needs to get it right this time and stop the bailouts.

“You can’t just bail folks out financially for being financially greedy. It’s unfair. And what we did in 2008 was incomplete. All we did was ship risk off balance sheet…This time around you have to pin these guys down.”

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The post Bitcoin Supporter Palihapitiya Doubles Down in Viral Tweet: No Bailouts, Let Hedge Funds ‘Get Wiped Out’ appeared first on The Daily Hodl.